Rambler Metals and Mining plc (TSX VENTURE:RAB)(AIM:RMM) ('Rambler'
or the 'Company') is pleased to announce the sale of its first lot
of 600 tonnes ("001") of copper concentrate from the Company's 100%
owned Ming Copper-Gold Mine ("Ming Mine") in Newfoundland and
Labrador's Baie Verte Peninsula, Canada.
HIGHLIGHTS
-- The Company has now invoiced and sold its first 600 tonne, lot 001, of
copper concentrate to Transamine Trading with a 90% provisional payment
having been received. Provisional grade for the lot was 29.7% copper,
5.43 g/t gold and 47 g/t silver with no deleterious material or
penalties
-- As of 16 July 2012, there are 1,700 tonnes of copper concentrate in
storage at the Company's port warehouse facility. Lot 002 of 800 tonnes
of copper concentrate is awaiting assays for invoicing and provisional
payment
-- Copper concentrate live commissioning commenced on 14 May 2012 with
material from the Lower Footwall Zone only
-- Average tonnage rate and mill head grade for May 2012 was 455 dry tonnes
per day and 1.49% copper equivalent with the rate and mill head grade
increasing in June to 585 dry tonnes per day and 2.16% copper
equivalent. June's increase was due to the blending of higher grade
development ore from its 1807 zone with Lower Footwall Zone material
-- Mill copper recoveries range from 85% to 99% with an average to date of
92.5%
George Ogilvie, President and CEO of Rambler, commented:
"The live commissioning of the copper concentrator is
progressing smoothly, and on schedule. As we gain more knowledge of
the process we will continue to maximize the tonnage throughput
while increasing the mill feed grade by steadily blending in more
massive sulphide ore, particularly from the 1807 zone. The eventual
goal is to only process massive sulphide ore, which carries a much
higher grade and increased margins. It is our objective to reach
Commercial Production during the second half of 2012 with the first
5,000 tonne load of copper concentrate being shipped to market
prior to calendar year end.
"The realization of revenue from the sale of the first lot of
copper concentrate is another important milestone for the Company.
While the fiscal 2013 budget is being finalized, we expect to
provide guidelines on our fiscal targets after Commercial
Production is declared. In light of current volatility in financial
markets, a key objective of the budget will be strengthening the
balance sheet through cash flow from operations while paying close
attention to cost control."
COPPER PRODUCTION
Live ore commissioning with Lower Footwall Zone material
commenced on 14 May 2012. The average tonnage rate and mill head
grade during May's start-up was 455 dry tonnes per day and 1.49%
copper equivalent followed by a rate increase in June to 585 dry
tonnes per day and 2.16% copper equivalent. The increase is a
result of blending higher grade development ore from its 1807 zone
with the Lower Footwall Zone. During the period copper recoveries
in the mill were encouraging, ranging from 85% to 99% with an
average of 92.5%.
The Company has now invoiced and sold its first 600 tonne, lot
001, of copper concentrate to Transamine Trading. As per the
off-take agreement with Transamine a 90% provisional payment for
lot 001 has been received. The concentrate produced has been a
quality product with 29.7% copper, 5.43 g/t gold and 47 g/t silver
and no deleterious material or penalties. Following the successful
commissioning of the concentrator, ore from the 1807 Zone is now
being blended resulting in an increase of the average head grade to
2.16% copper equivalent. Blending ratios of high grade ore will
increase as development headings through the 1807 zone are
completed. Additionally the first stoping tonnes are expected to be
drilled and blasted during the month of July with a copper
equivalent grade expected better than 6%.
To date there are 1,700 tonnes of copper concentrate in storage
at the Company's port warehouse facility. Lot 002 of 800 tonnes of
copper concentrate is awaiting assays for invoicing and provisional
payment.
FINAL GOLD RECONCILIATION
The Company received information from the Johnson Matthey
refinery that material from the cleanout of the mill, following the
processing of the 1806 zone ore, has provided an additional 613
ounces of gold.
This brought the total gold produced over the five month period
to 14,918 ounces at an average realized price of $1649 CAD per
ounce. This is approximately 400 ounces of gold more than the
Company had previously reported.
Larry Pilgrim, P.Geo., is the Qualified Person responsible for
the technical content of this release and has reviewed and approved
it accordingly. Mr. Pilgrim is an independent consultant contracted
by Rambler Metals and Mining plc.
Drill hole referenced tonnes are dry metric tonnes while milling
throughputs are quoted as wet tonnes unless otherwise
indicated.
ABOUT RAMBLER METALS AND MINING
Rambler Metals and Mining plc is a copper and gold producer that
has 100% ownership of the Ming Copper-Gold Mine in Baie Verte,
Newfoundland and Labrador, Canada., Rambler's strategy is to become
a mid-tier mining company by continuing the development of the Ming
Mine, discovering new deposits and pursuing mergers and
acquisitions.
The initial six years of the Ming Mine project is based on the
underground mining of massive sulphides with a mineable reserve
estimate of 1.498 million ore tonnes grading 1.62% copper, 2.40 g/t
gold and 10.90 g/t silver (24,252 tonnes of copper, 115,549 ounces
of gold and 525,139 ounces of silver of contained metal). All
massive sulphide zones remain open both up and down plunge with the
current exploration program focused on extending the known
mineralization for inclusion in the resource/reserve estimate.
In addition to the outlined reserve estimate, there is a
sizeable footwall deposit beneath the massive sulphide horizon that
has been outlined with an indicated resource grade of 18.3M tonnes
grading 1.43% copper (261,258 tonnes of contained copper at a 1.00%
copper cut-off grade). This zone forms the basis of the preliminary
economic assessment, compiled by independent consultants, which
envisions the Ming Mine transitioning itself into a bulk tonnage
mining operation. For further information on the Ming Mine project,
please refer to the Company's NI 43-101 compliant technical
reports, available under the Company's profile on SEDAR
(www.sedar.com).
Over the coming months and years, as the Company seeks to
optimize the Ming Copper-Gold Mine into a cash positive position,
it is expected that future expansion into the footwall zone will be
formalized with the goal of maximizing returns for shareholders and
increasing the life of the mine.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance
and other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding the financial strength of the
Company, estimates regarding timing of future development and
production and statements concerning possible expansion
opportunities for the Company. Where the Company expresses or
implies an expectation or belief as to future events or results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, forward-looking statements are
subject to risks, uncertainties and other factors, which could
cause actual results to differ materially from future results
expressed, projected or implied by such forward-looking statements.
Such risks include, but are not limited to, interpretation and
implications of drilling and geophysical results; estimates
regarding timing of future capital expenditures and costs towards
profitable commercial operations. Other factors that could cause
actual results, developments or events to differ materially from
those anticipated include, among others, increases/decreases in
production; volatility in metals prices and demand; currency
fluctuations; cash operating margins; cash operating cost per pound
sold; costs per ton of ore; variances in ore grade or recovery
rates from those assumed in mining plans; reserves and/or
resources; the ability to successfully integrate acquired assets;
operational risks inherent in mining or development activities and
legislative factors relating to prices, taxes, royalties, land use,
title and permits, importing and exporting of minerals and
environmental protection. Accordingly, undue reliance should not be
placed on forward-looking statements and the forward-looking
statements contained in this press release are expressly qualified
in their entirety by this cautionary statement. The forward-looking
statements contained herein are made as at the date hereof and the
Company does not undertake any obligation to update publicly or
revise any such forward-looking statements or any forward-looking
statements contained in any other documents whether as a result of
new information, future events or otherwise, except as required
under applicable securities law.
Neither TSX Venture Exchange nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Rambler Metals & Mining Plc George Ogilvie, P.Eng.
President and CEO 709-800-1929 or 709-800-1921 Rambler Metals &
Mining Plc Corporate Office +44 (0) 20 8652-2700 +44 (0) 20
8652-2719 (FAX) www.ramblermines.com Seymour Pierce Limited Stewart
Dickson / Jeremy Stephenson +44 (0) 20-7107-8000 Pelham Bell
Pottinger Charles Vivian / Daniel Thole +44 (0) 20 7861 3921 Ocean
Equities Limited Guy Wilkes +44 (0) 20-7786-4370